SUMMARY OF WORK OF THE ARMC (CONT’D) (H) Other Matters (i) Reviewed the ARMC’s Terms of Reference and the enhanced Anti-Bribery Management System, and thereafter recommended the proposed revisions to the Board for approval; (ii) Reviewed any whistleblowing matters reported during the financial year on a quarterly basis. There was no whistleblowing reports received during FYE 2025; (iii) Reviewed the Audit Policy and Procedures for assessing the suitability, objectivity and independence of the External Auditors, and recommended the same to the Board for approval; and (iv) Reviewed the Management Discussion and Analysis, ARMC Report and Statement on Risk Management and Internal Control, and recommended the same to the Board for inclusion in Annual Report 2024. INTERNAL AUDIT FUNCTION The Group has outsourced its internal audit function to Baker Tilly Monteiro Heng Governance Sdn. Bhd. (“Baker Tilly Malaysia”) to assist the ARMC in providing objective and independent views on the adequacy and effectiveness of the Group’s risk management and internal control systems. The outsourced Internal Auditors are free from any relationships or conflicts of interest that could impair their objectivity and independence. To preserve the independence and integrity of the internal audit function, the Internal Auditors are authorised to report directly to the ARMC. The internal audit engagements are conducted in accordance with IPPF for Internal Auditing issued by the IIA. The internal audit function is led by Mr. Kuan Yew Choong, Partner of Internal Audit & Risk Advisory at Baker Tilly Malaysia. Mr. Kuan is a professional member of the Institute of Internal Auditors Malaysia and also possesses full professional qualifications from ACCA. He has 20 years of experience in internal auditing and is equipped with the extensive knowledge and expertise in risk management, internal controls and governance practices. Mr Kuan is supported by a team of up to 3 internal audit personnel, including managerial-level staff, in carrying out the internal audit engagements during the FYE 2025 based on the approved Internal Audit Plan. Based on the assessment conducted, the ARMC was satisfied that the internal audit personnel assigned have the requisite competency, experience and resources to discharge the internal audit function effectively. During the FYE 2025, the Internal Auditors have performed 4 internal audit reviews in accordance with the approved Internal Audit Plan, covering the following audit scope: Internal Audit Scope Crewing Management of Keyfield Offshore Sdn. Bhd. Human Resource and Payroll Management of the Group Technical and Maintenance Management of Keyfield Offshore Sdn. Bhd. Risk Management and Reporting Process of the Group 131 Annual Report 2025
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